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COMPLYCOUNSEL by ESQX

Time Is Running Out. File your BOI report today.

Beginning January 1, 2024, small businesses in the United States are required to report ownership information to the Financial Crimes Enforcement Network (FinCEN).

The report is required by lawBusinesses registered or created before January 1, 2024 will have until January 1, 2025 to file beneficial ownership information with FinCEN

Failure to comply can result in civil penalties of $500 per day, including criminal penalties of up to two years imprisonment and a fine up to $10,000.

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Deadline for companies filed prior to 2024

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What is the Corporate Transparency Act?

In 2022, Congress passed the Corporate Transparency Act, which aims to uncover ill-gotten gains from shell companies and fraudulent ownership structures. Congress hasn’t informed the public about this law, and now that task is falling on accountants, lawyers, and compliance professionals. Many business owners are not aware of this new federal requirement, putting them at risk of civil and criminal penalties.

Is My Business Affected?

Probably. If you operate a small business (fewer than 20 employees and less than $5m in revenue), you likely will need to file a report. For more information about the companies exempt from filing, see our exemptions page.

What Are the Timing Rules?

Depending on when your business was created, there are different rules related to timing. Congress has issued a phased approach beginning in 2024 and ending in 2025 for all affected businesses:

1

Businesses Created Before Jan 1, 2024


These entities have until December 31, 2024 to file a BOI report before facing civil and criminal penalties.

2

Businesses Created After Jan 1, 2024


These entities have up to 90 days after first forming the entity to report to FinCEN.

3

Businesses Created After Jan 1, 2025


These entities have up to 30 days after first forming the entity to report to FinCEN.

Are There Any Recurring Obligations?

Yes. Your FinCEN BOI filing is not a one-and-done thing. You now have a recurring obligation, courtesy of the federal government, to update your BOI filing within 30 days if any of the following occurs, forever:

1

Any change to information to the reporting company


For example, if you register a new business name or DBA, this will trigger a reporting requirement.

2

Any change in beneficial owners


This includes a change to management or ownership percentage in excess of 25% for an individual.

3

Any Change in An Owner's Information


If a beneficial owner's name, address, or unique identifying number provided to FinCEN changes.

Introducing ComplyCounsel™ by ESQX

As a law firm focused on BOI compliance, our mission is to provide legal filing services to as many companies affected by the new BOI reporting requirement as possible. We will work closely with clients in navigating this new law.

BOI Compliance Filing
by A Licensed Attorney

No Offshoring

Many of our competitors want to send your information overseas. With ComplyCounsel, your data is kept secure in our firm archives.

Our Team

Our team is composed of dedicated compliance professionals ready to help you in your BOI filing.

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Don't Let Amateurs file Your BOI. Hire an attorney.

ComplyCounsel™ ensures that every BOI filing occurs under the supervision of a licensed attorney based in the United States. We won’t send your information overseas or treat you like a number. As our valued client, we will help you interpret lengthy and sometimes confusing regulations.

The ComplyCounsel™ Difference is Clear

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Ready to File?

First, we’ll determine if you are required to file. After that, we’ll present the available filing options.